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Clean energy investment rose for the first time in three years in 2014, totaling $310 billion and nearly surpassing the all-time high set in 2011 of $318 billion. A report compiled by Bloomberg New Energy Finance found that investment in wind, solar, biofuels and other low-carbon energy technologies overcame the headwinds of dropping oil prices and regulatory indecision to grow 16 percent over the course of the year.

“Healthy investment in clean energy may surprise some commentators, who have been predicting trouble for renewables as a result of the oil price collapse,” said Michael Liebreich, chairman of the advisory board of the London-based researcher, in a statement. “Our answer is that 2014 was too early to see any noticeable effect on investment. The impact of cheaper crude will be felt much more in road transport than in electricity generation.”